UPDATE: Sterne Agee Upgrades M.D.C. Holdings on Current Valuation

In a report published Thursday, Sterne Agee analyst Jay McCanless upgraded

from Neutral to Buy and maintained a $36 price target. In the report, Sterne Agee stated, "We believe investors have overlooked the potential for easy operating comparisons in FY14, and at current levels, we view the stock as undervalued." M.D.C. Holdings closed on Wednesday at $29.01.